INVESTMENT HIGHLIGHTS
1.
2.
Advantageous In-Place
Debt
3.
Value-Add
Opportunities
Located Adjacent to Sprawling Baltimore Peninsula
EXECUTIVE SUMMARY
The Berkadia Real Estate Advisors Team is pleased to present for sale 1901 S Charles - The Lofts & The Flats (the “Property”), two mid-rise Class A multifamily assets that are located across the street from each other and comprise a total of 345 units and 5,828 SF of fully occupied commercial space. The portfolio features iconic American trophy level designs with the finest contemporary urban living finishes including both loft and flat-style units, with exceptional views of the Baltimore skyline and the sprawling Baltimore Peninsula development. Both phases of the Property were awarded the highly coveted LEED Gold Certification that is a showcase example of sustainable environmental-friendly design. The commercial retail space at The Flats is home to two popular restaurant/bar concept tenants that have established a phenomenal following in Baltimore – Pizza Harbor and Papi Cuisine.
While 1901 S Charles - The Lofts & The Flats was built in two phases in 2012 and 2015, the Property’s interior units and community amenity spaces can be further upgraded to capture the substantial rent spread that exists between the submarket’s similar vintage multifamily comps and 1901 S Charles – The Lofts & The Flats. Varying by floorplan layout (# of bedrooms), similar vintage market rent spreads range anywhere from $261 to $452 per unit greater for The Lofts and $85 to $316 for The Flats. The submarket’s recent luxury developments are also providing strong upward pressure in rents throughout South Baltimore.
1901 S Charles – The Lofts and The Flats commands an exceptional, irreplaceable locations with immediate proximity to Baltimore Peninsula, South Baltimore’s newest $5.5 billion mixed-use waterfront gem that is a public/private partnership of historic significance. “Chapter One” of Baltimore Peninsula is the first phase of what will eventually be over 14M SF of commercial and residential development, anchored by the global headquarters of Under Armour and CFG Bank. The recent transformation of the 177-acre master plan at Baltimore Peninsula is ushering in a new brand and new chapter that places South Baltimore as a top waterfront hub. 1901 S Charles – The Lofts & The Flats is perfectly positioned to benefit from the active placemaking and surging demand for the live/work/play lifestyle in South Baltimore.
The property at 1901 S Charles – The Lofts & The Flats – is available for acquisition, with the option to assume accretive in-place HUD debt or purchase on a Free & Clear basis. See page 11 for more details.
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Property Overview
• 345 Total Units
• Built: 2013
• Commercial Space: 5,828 SF
• Residential NRA: 294,235 SF
• Average Unit Size: 853 SF
• Market Rent: $2,004
• Market Rent/SF: $2.35
• In-Place Rent: $1,875
• In-Place Rent/SF: $2.20
• Occupancy (10/18/24) : 95.1%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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10801 Dylans Walk Road | Chester, VA 23831
853
AVG Unit Size
2013
BUILT
345
UNITS
The Opportunity
The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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About
Why Us?
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The Team
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
4.
Robust Renter
Demographics
5.
Iconic American Trophy
Level Designs
4.
Compelling Community Amenity Package: Property’s amenity offering is top-notch, headlined by the Tuscan-inspired grand clubhouse with fireplace lounge and cyber cafe, resort-style swimming pool with sundeck, stand-alone remote access garages and storage units, poolside grilling, 24-hour state-of-the-art fitness center with cardio theater, bark park, car care center, and children’s playground.
5.
Affluent Location with Superior Demographics: Chesterfield location is an affluent jewel of RVA, where average HHI approximates $112,000/household, 44.1% of Households earn an average HHI of $100K+, and white-collar employment approximates 68%. The Property’s residents are employed by RVA’s most prestigious blue-chip companies that include Amazon, CoStar, Dominion Energy, Chesterfield Co Government, HCA Healthcare, Anthem, VCU Health, and BAE Systems, among others.
Miles Drinkwalter
Senior Director
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
Brian Gould
Managing Director
Multifamily Housing
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
Multifamily Housing
703.987.0874
patrick.mcglohn@berkadia.com
MORTGAGE BANKING
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Managing Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Senior Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
• In-Place Rent: $1,747
• In-Place Rent/SF: $1.55
• Recent 2 Rent: $1,802
• Recent 2 Rent/SF: $1.60
© 2024 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
The Asset
Brian Crivella
Senior Managing Director
Multifamily Housing
301.580.6685
brian.crivella@berkadia.com
Yalda Ghamarian
Senior Director
Multifamily Housing
301.202.3555
yalda.ghamarian@berkadia.com
Bill Gribbin
Senior Director
Multifamily Housing
301.580.6486
bill.gribbin@berkadia.com